Thewwd100 an Exclusive Survey of the Brands Consumers Know Best — with Some Familiar Names and a Few Surprises
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THEWWD100 AN EXCLUSIVE SURVEY OF THE BRANDS CONSUMERS KNOW BEST — WITH SOME FAMILIAR NAMES AND A FEW SURPRISES. SEE SPECIAL REPORT INSIDE. SYCAMORE EYES BRAND True Religion Bidding Kicks Into Higher Gear By VICKI M. YOUNG THE BIDDING for True Religion Apparel Inc. is heat- ing up, and sources said private equity fi rm Sycamore Partners has the lead. The sale process is still in the “early stages,” ac- THURSDAY, DECEMBER 13, 2012 ■ WOMEN’S WEAR DAILY ■ $3.00 cording to one source familiar with the process. Two WWD other sources also said Sycamore has jumped into the lead. One source warned that while the discussions have deepened between Sycamore and True Religion, the talks could still break apart. Another source in the fi nancial community said names of other interested bidders include Los Angeles-based Gores Group, which owns J.Mendel and has a stake in Mexx, and South Korean fashion conglomerate E-Land Group, which bid on Collective Brands Inc. earlier this year. Fine and Executives at Sycamore and Guggenheim Securities, the fi nancial adviser to True Religion, could not be reached for comment Wednesday. A sale of True Religion, if it gets completed soon, would wrap up all outstanding mergers and acquisi- Dandy tion opportunities in the American denim market. It’s been a busy sector. Fast Retailing Co. Ltd. last month acquired an 80.1 percent stake in L.A.-based “I always wanted to live a denim and fashion brand J Brand Holdings LLC from man’s life in a woman’s Star Avenue Capital and J Brand management for body,” said Diane von $290 million plus $10 million in advisory fees. In July, COLLECTIONS private equity fi rm TSG Consumer Partners took an Furstenberg. For pre- undisclosed stake in Paige Denim. fall, she channeled PRE-FALL While Not Your Daughter’s Jeans had been on the that thought — auction block since a year ago, the company has been 2013 taken off the market. along with ones of David Moross, chairman and chief executive offi - a dandy Oscar Wilde cer of Falconhead Capital, said, “Falconhead Capital has been very happy with our investment in NYDJ, and Mick Jagger during and while we considered offers to sell, we decided to his Marianne Faithfull retain our ownership and reinvest in the continued years — into masculine touches, all while growth of the brand.” making sure not to ignore her feminine SEE PAGE 8 side. Here, von Furstenberg’s color-blocked wool and nylon tweed coat worn over a silk chiffon dress. For more on the collection, Pakistan Transport Stalled see WWD.com/fashion-news; for more on By MAHLIA S. LONE pre-fall, see page 6. LAHORE, Pakistan — The transport of goods and containers is at a standstill in Pakistan as the coun- trywide strike called by the transporters associations stretched to its 11th day on Wednesday. So far, the business community estimates losses of $700 million due to the action and mills have missed their second weekly vessels. Thousands of trucks car- rying export cargo are stuck on highways across the country. Imported raw material delays are also affect- ing mills’ production. Similarly, cotton from farmers in rural areas is not reaching ginning mills. The smell of rotten fruits and vegetables that were bound for ships permeates the air, while driv- ers sit idly in trucks, stranded on highways, waiting for the National Highway Authority and the National Highways & Motorways Police on one side and the Transporters Association and the United Goods Transporters Alliance representatives on the other to resolve the standoff. If demands are not met by Thursday, All Pakistan Oil Tankers Owners Association chairman Mir Muhammad Yousuf Shahwani said the organization will join the strike, further crippling the industry’s and country’s ability to move goods. It’s also more problems for an industry that saw a devastating fi re in September in a Karachi factory that killed 264 work- ers, and a smaller blaze in a shoe factory in Lahore in which 25 perished. Haji Muhammad Tariq Nabeel Mehmood, general PHOTO BY JOHN AQUINO secretary of the Transporters Association (Punjab) SEE PAGE 7 2 WWD THURSDAY, DECEMBER 13, 2012 WWD.COM Duke Weighs In on Bangladesh Fire a supply chain. There could be a and Exchange Commission and the Briefing Box By KRISTI ELLIS supplier that may be based here in Justice Department into allega- the United States and may be buy- tions that Wal-Mart’s Mexican in Today’s WWd MIKE DUKE, president and chief ing from factories, and sometimes subsidiary bribed foreign officials executive officer of Wal-Mart there are subcontract factories. We to help facilitate store expansion Valentino and the Master of Couture exhibition at Somerset House. Stores Inc., for the first time on have a requirement to know those in Mexico. House lawmakers also Tuesday night addressed the fire factories, though, and in this case launched their own investigation at a garment factory in Bangladesh that violation occurred and we’re into the allegations. The investi- that killed 111 workers, defending not going to do business with that gations are still ongoing. his company’s enforcement of fire- particular supplier anymore.” “We take those allegations very, safety standards, while at the same Asked whether there was a con- very seriously and we have an in- time acknowledging that more flict in Wal-Mart’s push for lower vestigation ongoing,” Duke said. work needs to be done. prices from its foreign suppliers “We’ll take the appropriate action Duke spoke at the Council on and its expectation of factories to based upon the conclusion of this Foreign Relations in New York in meet its fire safety and other stan- investigation.…Doing the right a broad discussion ranging from dards, Duke said, “We will not buy thing, we’ve installed a number of Wal-Mart’s sourcing and corporate from an unsafe factory. So this is additional steps in this particular social responsibility standards and not a price discussion.…If a fac- area of [Foreign Corrupt Practices for soMerset house Photo by Peter MacdiarMid/GettyPhoto by iMaGes challenges to the fiscal cliff talks in tory is not going to operate with Act] compliance. And we look at Washington, to the government’s in- high standards, then we will not markets around the world. We’ve The bidding for True Religion is heating up, and sources said vestigation into bribery allegations purchase from that factory, and taken a look at just how we operate private equity firm Sycamore Partners has the lead. PAGE 1 and put in place compliance opera- at Wal-Mart’s Mexican subsidiary. there’s no discussion about price.” Duke was also asked whether tions, and we’ve established a new Wal-Mart has said it termi- The transport of goods and containers is at a standstill nated the relationship with a office of compliance.…And I think in Pakistan as the countrywide strike called by the supplier that subcontracted this focus will make us a better work to Tazreen Fashions Ltd. in Mike Duke company regardless of the outcome transporters associations reached its 11th day. PAGE 1 Bangladesh, where a fire killed of the investigation in Mexico.” 111 workers on Nov. 24 and trig- Wal-Mart is the focus of an- Puma SE said it plans to recruit a new chief executive gered protests and an outcry from other investigation in India. On officer to help kick start growth at the troubled German U.S. and international worker Wednesday, the Indian govern- activewear firm. PAGE 6 and labor rights groups. In recent ment gave in to pressure from the days, there have been reports opposition and agreed to an inqui- Proenza Schouler is scouting Manhattan’s SoHo district from workers’ rights groups that ry of Wal-Mart’s lobbying in India. for its second New York location. PAGE 7 Wal-Mart produced substantial The inquiry will be headed by a amounts of apparel at Tazreen. retired judge, said Kamal Nath, Britain’s men’s wear designers are buzzing with Duke said Wal-Mart had a “very minister for parliamentary affairs. anticipation in the run-up to the January edition of London serious focus” in Bangladesh on Opposition parties took up the Collections: Men. PAGE MW1 fire safety in 2010, noting that the there are countries in which Wal- issue after Wal-Mart revealed in retail giant stopped doing busi- Mart refuses to source based on the the U.S. Senate it had spent $25 Alexandre Mattiussi open his first Ami boutique today in ness with 94 factories that failed absence of rule of law, corruption million in lobbying since 2008. Paris’ burgeoning Marais district. PAGE MW2 to meet its compliance standards or lack of human rights protection. “I think there are a couple of and also helped raise standards, “We do look at those factors in important points to make on this Robert Graham is ready to take a higher profile and has in the area of fire safety in partic- making a determination,” Duke from the U.S. side,” Nancy Powell, enlisted Yard, the image-making agency, to help. PAGE MW7 ular, in 23 other factories. said. “That is not to say that… American ambassador to India, “In 2011, there was even more where we do business today is said on NDTV on Tuesday. “What progress made,” Duke said. “We perfect nor would I even say has happened is the accusations on WWD.CoM worked with other organizations doing business in mature, devel- are that this money is bribery; what and retailers to raise the bar oped markets is perfect.…I think it is is lobbying.